First Hawaiian Bank Posts $209M Profit for 2011

Bob Harrison, President and Chief Operating Officer, First Hawaiian Bank. Courtesy of FHB.

By Sonia Isotov

First Hawaiian Bank announced a profit of $209.0 million for 2011 today, an increase of 3.4% over 2010, excluding a one-time tax benefit.

The bank also reported a net income of $51.5 million for the fourth quarter 2011, a 2.6% gain over the comparable period of 2010, and total deposits reached a record $12.2 billion.

“Although the local economy remained sluggish, First Hawaiian finished 2011 with strong deposit growth and excellent asset quality,” said Bob Harrison, First Hawaiian Bank president and chief executive officer, in a written statement today.

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“We continued to invest in the State’s economy by making more than $2.9 billion in total loans during the year, once again making us Hawaii’s largest lender.The state’s economic activity is picking up, particularly in the tourism sector, which bodes well for 2012.” Added Harrison.

For the 12 months ended December 31, 2011, First Hawaiian Bank achieved the following:

Total Assets: reached a record $15.8 billion, up 4.2%.

Total Deposits: were $12.2 billion, an increase of 15.7%.

Loans and Leases: up 1.5% to $8.4 billion.

Capital (Net Worth): was in excess of $2.7 billion and remained well above Hawaii banks and in the top quartile nationally as a percentage of total assets (according to the bank’s written statement).

Non-Performing Assets to Total Assets: remained one of the lowest in the nation at 0.21%.

Efficiency Ratio: was 43.69% making First Hawaiian the most productive bank in Hawaii and one of the most efficient in the nation (according to the bank’s written statement).